Braze (NASDAQ:BRZE) Price Target Cut to $55.00 by Analysts at Wells Fargo & Company

Braze (NASDAQ:BRZE) had its price target decreased by equities researchers at Wells Fargo & Company from $65.00 to $55.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target would indicate a potential upside of 41.68% from the company’s previous close.

A number of other equities research analysts have also weighed in on the stock. Loop Capital reiterated a “buy” rating and set a $75.00 target price on shares of Braze in a research note on Tuesday, September 24th. JPMorgan Chase & Co. cut their target price on Braze from $55.00 to $47.00 and set an “overweight” rating for the company in a research report on Friday, October 25th. TD Cowen cut their price objective on Braze from $52.00 to $45.00 and set a “buy” rating for the company in a research report on Tuesday, September 24th. DA Davidson decreased their price objective on Braze from $65.00 to $55.00 and set a “buy” rating on the stock in a report on Tuesday, September 24th. Finally, Piper Sandler lowered their price target on shares of Braze from $51.00 to $40.00 and set an “overweight” rating for the company in a report on Thursday, October 10th. One research analyst has rated the stock with a hold rating and nineteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $53.95.

Braze Stock Performance

Shares of BRZE stock opened at $38.82 on Tuesday. Braze has a fifty-two week low of $29.18 and a fifty-two week high of $61.53. The stock has a 50 day moving average price of $33.14 and a two-hundred day moving average price of $37.37. The company has a market capitalization of $3.99 billion, a P/E ratio of -32.87 and a beta of 1.03.

Braze (NASDAQ:BRZE) last released its quarterly earnings results on Thursday, September 5th. The company reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.12. Braze had a negative net margin of 22.01% and a negative return on equity of 25.89%. The company had revenue of $145.50 million during the quarter, compared to the consensus estimate of $141.32 million. During the same period in the prior year, the firm earned ($0.30) earnings per share. Braze’s revenue was up 26.4% on a year-over-year basis. As a group, equities analysts predict that Braze will post -1.02 earnings per share for the current year.

Insider Activity

In other Braze news, CTO Jonathan Hyman sold 6,930 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $34.45, for a total value of $238,738.50. Following the sale, the chief technology officer now directly owns 163,020 shares in the company, valued at approximately $5,616,039. This trade represents a 4.08 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Roger H. Lee sold 56,830 shares of Braze stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $30.27, for a total transaction of $1,720,244.10. Following the sale, the insider now owns 56,830 shares in the company, valued at approximately $1,720,244.10. This represents a 50.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 130,479 shares of company stock valued at $4,414,911 in the last 90 days. 24.03% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Braze

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of Braze by 2.6% in the first quarter. Vanguard Group Inc. now owns 5,894,938 shares of the company’s stock worth $261,146,000 after acquiring an additional 148,366 shares during the last quarter. State Street Corp grew its holdings in Braze by 21.5% during the third quarter. State Street Corp now owns 1,575,701 shares of the company’s stock valued at $50,958,000 after purchasing an additional 279,050 shares during the period. Geode Capital Management LLC raised its stake in Braze by 18.1% during the 3rd quarter. Geode Capital Management LLC now owns 1,497,188 shares of the company’s stock worth $48,428,000 after buying an additional 229,660 shares during the period. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in shares of Braze by 69.5% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,494,100 shares of the company’s stock valued at $48,319,000 after buying an additional 612,400 shares during the period. Finally, Fiera Capital Corp boosted its position in shares of Braze by 1.0% during the second quarter. Fiera Capital Corp now owns 780,630 shares of the company’s stock worth $30,320,000 after buying an additional 7,570 shares during the period. 90.47% of the stock is currently owned by hedge funds and other institutional investors.

Braze Company Profile

Braze, Inc operates a customer engagement platform that provides interactions between consumers and brands worldwide. The company offers Braze software development kits that automatically manage data ingestion and deliver mobile and web notifications, in-application/in-browser interstitial messages, and content cards; REST API that can be used to import or export data or to trigger workflows between Braze and brands' existing technology stacks; Partner Data Integrations, which allow brands to sync user cohorts from partners; Data Transformation, in which brands can programmatically sync and transform user data; and Braze Cloud Data Ingestion that enables brands to harness their customer data.